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Fiscal Deficit target of 3.9 for 2015-16 seems Achievable says the Economic Survey

Budget - Dated:- 26-2-2016 - Coming Year expected to be a Challenging one from the Fiscal point of view The Economic survey 2015-16 states that the fiscal deficit target of 3.9 per cent for the year 2015-16 seems achievable. This assessment is based on pattern of revenue and expenditure in the first 9 months of the current financial year, inspite of the challenges posed by a lower than projected nominal GDP growth. Significant increase in revenue receipts, led by buoyant indirect tax collection, .....

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revenue by raising excise duty on petroleum product. Besides, severd major measures were initiated on both indirect and direct taxes in 2015-16. On the issue of the subsidies, the Economic Survey states that the rationalization and reprioritization of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development. The total subsidy bill as a proportion of GDP is expected to be below 2% of GDP as per budget estima .....

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The benign fiscal outcome so far in the year has been due to improved tax buoyancy and prudent expenditure management with assistance from the decline in oil price. The other notable highlights of the current year have been increased tax devolution to the states, achieving the highest increase in capital expenditure in the last six year and decline in majors subsidies. The robust growth in gross tax revenue in the first three quarter of the year was aided by the 34.8% growth in indirect taxes, .....

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